Municipal Corporation of Greater Mumbai has taken a stringent step to reduce the piling up of tax arrears; making a statement, real-estate developers need to pay three years’ advance property tax to the corporation. This move is a result of Rs. 6, 000 crore arrears of builders, housing societies and commercial establishments.
Bombay Municipal Corporation Building
This could very well affect the cost of apartments; they might easily soar up. Also, it will be the responsibility of the buyer to ensure that all taxes are cleared before making a purchase as new owner will be responsible for any unpaid bills. The disadvantage being increased housing rates as builders will pass on the same cost to the customers.
MCGM - Mumbai Municipality Logo
Government has collected Rs. 3, 320 crore last year as property tax. If you are planning to buy some property in the commercial capital, do make a note of this and ask your developer clearly!
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